Melissa Kite is the Deputy Political Editor of The Sunday Telegraph and writes a weekly column for The Spectator magazine. She divides her time between South London and Surrey where she rides her horses.

Haunted by the ghosts of Conservatism past

Have you ever listened to someone speaking and heard something else instead?

As David Cameron gave his first keynote speech on the economy as Prime Minister, I confess to hearing voices inside my head.

I think they may have been the ghosts of Conservatism past.

“We have been sleepwalking our way to an economy that is unsustainable and uninspiring,” the Prime Minister said. “The people of Britain want to know: can we turn this around?”

Possibly, but not by imposing 40% Capital Gains Tax, the voices said.

“Can we inject new life into the private sector, so that enterprise can drive not just our recovery but the re-building beyond it?”

Well, we might be able to. But not by raising CGT to 40-50%.

“Can we go from an economy built on debt and borrowing to one built on saving and investment? “

No. Not if we hike up CGT.

“We are in this together – and we are agreed on the way forward.”

Are we?

“Today we announce a new fast-track system for international patents to reduce the global backlog which stifles growth and enterprise and costs the global economy £7.6 billion for every year patents are delayed.”

Oh great. I have no idea what that means, and would really prefer you to not tax the little flat I planned to buy for my nest egg.

“When we’ve finished, this will all add up to Britain having one of the most competitive tax systems in the world.”

Just not when you’re investing in property.

“Cutting tax and red tape is all about understanding the limitations of government…”